Monthly Archives: December 2013
While looking for information on IPs in the creative industries and how they are used in cultural enterprises, I found a very interesting initiative by the Malaysian government called “MyCreative Ventures”. MyCreative is “a government investment arm to spur Malaysia’s creative industry via strategic and innovative funding in a form of equity or debt investments.”
In the article entitled “ELEVATING THE CREATIVE INDUSTRY IN MALAYSIA” the author explains how “unlike other types of businesses, creative industry entrepreneurs have nothing solid to show. They lament that it is almost impossible for them to obtain the funding they need in order to expand their operations.
This is mainly because banks are reluctant to accept or recognize intellectual property (IP) as loan collateral because of the lack of Certified IP Valuers who are able to place a monetary value to the IP assets concerned.”
The article further explains how MyCreative Venture was “incorporated by the Minister of Finance Incorporated ‘MOF(Inc)’ on April 20, 2012 to overcome this valuation lacuna and spur development in the creative industry by providing avenues for IP financing. Top on the MyCreative Venture’s agenda is to convince banks and financial institutions on the viability of accepting IPs as collaterals for loans.”
MyCreative Venture Chief Executive Officer Johan Ishak says that the creative industry in Malaysia “has generated an abundance of IPs which could be turned to valuable assets. […] MyCreative Venture’s mission then is to bring the Malaysian creative industry to the next level by achieving a sustainable future that is rewarding from the social, cultural and economic perspectives,” he said.
More articles to come on Intellectual Property in cultural enterprises in the coming weeks.
I came across Aditya Mukherjee’s new book entitled Boomtown and as Murali D explains in the interview with the author, this is “…a story of food, friendship, romance, and the adventure of entrepreneurship, with four friends coming together for starting a restaurant chain”.
The interesting part about this interview is when the journalist ask the author “what is cultural entrepreneurship?”. I quote this answer from the article below:
[…] “The term cultural entrepreneurship applies to the creation of any product or service that primarily targets our tastes, and that is an expression of our tastes, whether it’s our taste in fashion, movies, music, stories, games, cuisine, or opinions. A newspaper is part of media; but I’d say a magazine like People or Vanity Fair would be part of the cultural industry.
What we have to understand is that culture, more than almost any other industry, is almost always in the private domain; only in very unfortunate countries is culture significantly done by the public sector. So, culture is produced by private individuals who spend effort creating it, marketing it, and try to make a living by selling it. These industries are well set, though most run on low margins and the companies involved are primarily small, and universally cash-strapped. So, culture is a hotbed of entrepreneurship.” […]
Read the full article here to see how the author explains how is Cultural Entrepreneurship spreading in India.
Last September 2013, the “Handicraft Fair of Dondo” took place in Angola, Africa.
In the Agencia Angola Press article, “the governor of the northern Kwanza Norte province, Henrique André Júnior, called in Kambambe municipality, for youth to also join the cultural entrepreneur, thus being active participants in the generation of national wealth and improvement of social conditions of their communities.”
The fair has showcased handicrafts, gastronomy, farmers and publishers and it happened under the motto “Memories and Histories”. For more info, click here.